US pension fund San Francisco Employees’ Retirement System (SFERS) has approved a capital commitment of up to $48m to two fund from China-based venture capital firm Lilly Asia Ventures (LAV).
LAV spun out from US-based drugs maker Eli Lilly in 2019 and SFERS said its retirement board had approved the investment of $32m to LAV Fund VI and another $16m to LAV Fund VI Opportunities.
LAV Fund VI is raising $900m while and LAV Fund VI Opportunities is targeting $450m, the firm revealed in two filings with the US Securities and Exchange Commission (SEC) on January 21, according to DealStreetAsia.
The two new funds will primarily make venture, growth, and public equity investments in the biomedical industry, with a focus on China and the US.
